Fluor may see $60M pre-tax hit on Caribbean ruling

LONDON (MarketWatch) -- Fluor Corp.
FLR, -0.61%
said its Caribbean subsidiary received an unexpected unfavorable jury verdict awarding $28.8 million to the developer of a resort hotel project, resulting in a $60 million pre-tax hit to earnings, plus yet to be determined interest and attorneys' fees. Fluor said it ceased work on extra facilities the developer added to the project scope without demonstrating the availability of funding to pay for such extra work. It's looking to pursue all available avenues of reconsideration or appeal.

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